ST. LOUIS — CB Richard Ellis (CBRE) has brokered the lease of 1.15 million square feet within Gateway Commerce Center in St. Louis for Procter & Gamble (P&G). The company will occupy Westway III, a 578,967-square-foot distribution building that was completed last July. The building will be expanded to 1.15 million square feet to accommodate P&G. While the expansion is occurring, the tenant will temporarily occupy Westway I, a 479,220-square-foot distribution center within the park. CBRE represented ownership in the lease transaction, and is also handling leasing for Westway I, the only completed spec building at the development so far. Trammell Crow Co. and Kennedy Associates/MEPT/Tower are the developers of the two buildings; the partnership controls approximately 1,200 acres of the 2,300-acre Gateway Commerce Center. It will ultimately develop up to 14 million square feet of distribution space within the park.
COLLINSVILLE, ILL. — Edwardsville, Ill.-based Contegra Construction Co. has broken ground for the development of Eastport Tech Center II, a 47,000-square-foot industrial building located within Eastport Plaza at 1605 Eastport Dr. in Collinsville. The $3.6 million building with feature bays divisible by 4,600 square feet, rear-loading warehouse space, docks and drive-in door availability, and 18-foot clear ceiling heights. Completion is scheduled for this September. The project was designed by Gray Design Group, and is being developed by St. Louis-based Maune Development Co. Barber-Murphy Group and CB Richard Ellis are marketing the facility at rates of $7.50 to $8.50 per square foot net. ProSource has signed on as the first tenant at the building, and is leasing 10,500 square feet for a showroom.
INVER GROVE HEIGHTS, MINN. — Minneapolis-based United Properties has received preliminary approval from the city of Inver Grove Heights for the development of Inverwood Business Park, a five-building office park located at the intersection of Highway 55 and Barnes Avenue. Once complete, the park will contain 470,627 square feet of office space. Groundbreaking is set to occur late this year or in early 2009. NorthMarq Real Estate Services will handle leasing at the park.
BOLINGBROOK, ILL. — Chicago-based Wrightwood Capital has acquired 3 Territorial Court, an approximately 125,000-square-foot flex industrial building located at Territorial Business Center in Bolingbrook. The property is fully leased to Goss International, and features 56,000 square feet of office space, 16 exterior docks and four drive-in doors. The opportunity was brought to Wrightwood by Michael Caprile, Ted Staszak, Stephanie Park and Traci Buckingham of CB Richard Ellis. The purchase represents the 19th acquisition on behalf of Wrightwood Capital’s Industrial Fund III.
SAVAGE, MINN. — Milwaukee-based Wanguard Advisors has acquired Savage Town Square, an 87,181-square-foot retail center located at the intersection of Egan Drive and State Highway 13, on behalf of tenant-in-common investors for approximately $14 million. The property was developed by Opus Corp. in 2003 and is 98 percent occupied. It is anchored by a 68,860-square-foot Cub Foods, and sold for a price of $161 per square foot. Opus Northwest will retain property management responsibilities, with United Properties handling leasing for the center.
ARLINGTON HEIGHTS, ILL. — CB Richard Ellis (CBRE) has brokered the sale of Terramere Plaza, a 40,965-square-foot in-line retail center located at 4204-4244 N. Arlington Heights Rd. in Arlington Heights. The property is anchored 7-Eleven, with additional tenants including UPS Store, LA Tan and Dunkin’ Donuts. CBRE’s Bob Mahoney, George Good, Richard Frolik, Christian William and Derrick Almassy represented the seller, Inland Real Estate Corp. The property was purchase by a Buffalo Grove, Ill.-based buyer for an undisclosed amount.
JOLIET, ILL. — Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development have received unanimous approval from the Joliet City Council for the development of Bridge Street Town Centre, a 314-acre, 3.5 million-square-foot mixed-use development to be located at the intersection of interstates 55 and 80, and Route 59. The nearly $1 billion project, which is scheduled to break ground in early 2009, will comprise approximately 1.7 million square feet of retail and restaurant space; 96,000 square feet of Class A office space, including some offices above retail; a 66,000-square-foot upscale movie theater; at least two hotels and a variety of residential units. O&S will be handling retail leasing for the project, along with Strategic Retail and the Chicago office of CB Richard Ellis. Baltimore-based Development Design Group is designing the project, with Chicago-based OWP/P serving as the architect and engineer of record. Completion is scheduled for 2010.
WICHITA, KAN. — Sperry Van Ness (SVN) has completed the sale of Ken-Mar Shopping Center, a 73,757-square-foot retail center located at 4610 E. 13th St. in Wichita, for $2.21 million. The building is situated on 7.95 acres, and is 79 percent occupied. Jason Little of SVN’s Oklahoma City office and Michael Roberts of the firm’s Kansas City, Mo., office represented the seller, California-based Madison Property Group. Nick Esterline of Landmark Commercial Real Estate represented the undisclosed buyer, which has plans to redevelop the property.
SKOKIE, ILL. — Freeport, Maine-based outdoor retailer L.L. Bean will be opening its second Chicagoland store in Old Orchard Shopping Center in Skokie. The 30,000-square-foot location will be built to the U.S. Green Building Council’s LEED standards, and will include the creative use of recycled and reclaimed materials, as well as energy-efficient heating, cooling and lighting systems. It is scheduled to open in November. L.L. Bean has previously announced a new store to be located inside The Arboretum of South Barrington in South Barrington, Ill. The two stores are part of the retailer’s plans to open 32 stores nationally by 2012.
VERNON HILLS, ILL. — Hotel Indigo has opened its third Chicagoland property at 450 Milwaukee Ave. in the Chicago suburb of Vernon Hills. The 127-room hotel was formerly an Amerisuites Hotel before the owner, FCLC Vernon Hills, undertook a $5 million renovation and conversion of the property. Amenities at the six-story hotel include a restaurant and bar, 24-hour fitness and business centers, an indoor heated pool, 1,100 square feet of flexible meeting space, complimentary wireless Internet and 32-inch flat-panel televisions in each room. Hotel Indigo Chicago – Vernon Hills will be managed by Northbrook, Ill.-based Lane Hospitality under a license agreement with Atlanta-based InterContinental Hotels Group.